Insurtech Market to be Worth $152.43 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Dec. 5, 2022 /PRNewswire/ -- The global insurtech market size is expected to reach USD 152.43 billion by 2030, registering a CAGR of 51.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The rising awareness about the benefits of insurtech solutions in simplifying the claim process, improving communication, and implementing automation is expected to drive market growth. The increased use of robotic process automation in insurance companies to handle repetitive tasks more accurately, quickly, and accurately compared to humans is also one of the major factors driving the market growth.

Key Industry Insights & Findings from the report:

The health segment dominated the market in 2021. The growth can be attributed to the increasing awareness about healthy lifestyle habits across the globe due to the pandemic, which requires insurance companies in the healthcare domain to invest more in enhanced technologies.

The managed services segment dominated the market in 2021. The increasing usage of intelligent machines and the rise of automation in the field of insurtech increased the adoption of managed services in various end-use industries in 2021.

The blockchain technology segment is expected to witness the fastest growth over the forecast period. Insurance companies demand blockchain technology to increase sales, increase customer engagement, and gain a competitive edge.

The healthcare industry is expected to witness the fastest growth over the forecast period. Political and consumer trends are forcing the healthcare industry to become more transparent about pricing. Moreover, new approaches adopted by startups in the insurance sector are expected to drive the segment growth over the forecast period.

North America is witnessing an increasing demand for better communication, seamless data sharing, and high integration between insurers and service providers for improved customer engagement. As a result, the regional market is expected to witness promising growth opportunities over the forecast period.

Read 161-page full market research report, "Insurtech Market Size, Share & Trends Analysis Report By Type (Auto, Business, Health, Home, Specialty, Travel), By Service (Consulting, Support & Maintenance, Managed Services), By Technology, By End Use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Insurtech Market Growth & Trends

The market is expected to benefit from the rising interest of global investors in insurtech companies. For instance, in May 2021, Shift Technology, a provider of artificial intelligence SaaS tools for insurance companies, raised USD 220 million. The company would use this money to expand into the property and casualty insurance and health markets.

The efforts taken by insurtech companies to enhance their fraud detection procedures are also expected to create new opportunities for market growth. For instance, in April 2021, the Insurance Fraud Bureau (IFB) announced its partnership with Shift Technology. The partnership is aimed to build a new fraud detection system on behalf of the U.K. insurance sector.

The COVID-19 pandemic favourably impacted the market growth in 2021. Insurers increased the use of drones, mobile applications, and catastrophe models amid the pandemics, which accentuated the market growth. At the same time, preventive measures such as social distancing and remote working also helped increase the rate of digitalization across the insurance industry, driving the market growth.

Insurtech Market Segmentation

Grand View Research has segmented the global insurtech market based on type, service, technology, end-use, and region:

Insurtech Market - Type Outlook (Revenue, USD Million, 2017 - 2030)

Auto
Business
Health
Home
Specialty
Travel
Others

Insurtech Market - Service Outlook (Revenue, USD Million, 2017 - 2030)

Consulting
Support & Maintenance
Managed Services

Insurtech Market - Technology Outlook (Revenue, USD Million, 2017 - 2030)

Blockchain
Cloud Computing
IoT
Machine Learning
Robo Advisory
Others

Insurtech Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)

Automotive
BFSI
Government
Healthcare
Manufacturing
Retail
Transportation
Others

Insurtech Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

North America

U.S.
Canada

Europe

Germany
U.K.

Asia Pacific

China
India
Japan

Latin America

Brazil

Middle East & Africa

List of Key Players in the Insurtech Market

Damco Group
DXC Technology Company
Insurance Technology Services
Majesco
Oscar Insurance
Quantemplate
Shift Technology
TrÅv, Inc.
Wipro Limited
ZhongAn Insurance

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Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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